I have some female friends who are obsessed, so I finally read the books. They aren't as horrid as I expected, taking into consideration the target audience of tween girls. Nowhere near as polished and fleshed out as the Harry Potter books, which aren't pandering and condescending like many young adult novels. I thought the romance angle was a bit over the top, most times sounding like a ten-year-old's vision of what teenage love will be like. I really enjoyed the vampire and werewolf lore, I thought there were some very interesting takes on vampiric abilities and ancestry. I wasn't impressed with the movie, I found the portrayals of the characters dull and uninteresting. I've seen some of the actors in other films, and they do have some talent, they just didn't get to show it in this film. All-in-all, I'm not exactly a fan, but I'm not a hater, I'll be seeing New Moon when it comes out.
I think that's a great interpretation of both the books and the film. The books were really good in my opinion, but full of crazy amounts of sappy "romance" that is indeed straight of the mind of a pre-teen. What's sad is that it was written by a grown woman, but I don't even want to throw out condescending theories on why that is.